Kirsteen Posted February 27, 2009 Report Share Posted February 27, 2009 Hi there, I could be mistaken here, but I thought I'd heard that at least one of the provincial residency groups, e.g., PAIRO, had negotiated interest-free status for the duration of residency in a province other than Quebec? (Currently, I'm in interest-free status as I'm within the Clinician-Investigator Program and working towards a PhD in residency.) Cheers, Kirsteen Link to comment Share on other sites More sharing options...
Satsuma Posted February 27, 2009 Report Share Posted February 27, 2009 I would love it if PAIRO had negotiated that...but so far I have not heard anything official on the matter. Link to comment Share on other sites More sharing options...
Satsuma Posted February 27, 2009 Report Share Posted February 27, 2009 Hi there, I was reading this thread, and I was wondering if generally residents just get by paying interest and not until they complete residency do they actually may payments on the principle of their debts? Well, you only need to make interest payments on your bank LOC. You would need to make principle payments on your government student loans. But depending on your situation you could apply for loan forginess...a short period of time where you don`t have to make payments, but the interest still accumulates during this time. You have to prove that your income is not sufficient to make the payments. If you pay off all your government loans with your LOC (if you have enough on your LOC to cover it) then you could get by with just interest payments. Of course, it is a good thing to pay as much principle as you can earlier rather than later. Link to comment Share on other sites More sharing options...
JewelLeigh Posted March 6, 2009 Report Share Posted March 6, 2009 I would love it if PAIRO had negotiated that...but so far I have not heard anything official on the matter. From http://www.pairo.org/News/News.aspx?id=331 : • Student Loan Interest Relief ($7 million): A new program will allow medical students who do MOH-funded residency training in Ontario to defer payments on the principal of the eligible debts during training and the Ministry will pay the full interest on the eligible debt through the end of the residency training program. In return, the resident must agree to practice for 5 years in Ontario following residency. This new contract was approved by the OMA members in October of 2008. Link to comment Share on other sites More sharing options...
lostintime Posted March 6, 2009 Report Share Posted March 6, 2009 Are they allowed to do a fellowship in another country *cough* down South? And then come back and do 5 years in ON? Link to comment Share on other sites More sharing options...
Satsuma Posted March 6, 2009 Report Share Posted March 6, 2009 From http://www.pairo.org/News/News.aspx?id=331 :• Student Loan Interest Relief ($7 million): A new program will allow medical students who do MOH-funded residency training in Ontario to defer payments on the principal of the eligible debts during training and the Ministry will pay the full interest on the eligible debt through the end of the residency training program. In return, the resident must agree to practice for 5 years in Ontario following residency. This new contract was approved by the OMA members in October of 2008. That's AWESOME!! Thanks! Link to comment Share on other sites More sharing options...
Talon01 Posted March 10, 2009 Report Share Posted March 10, 2009 Are you considered a student if you do a residency in NS? If so, would I be required to make payments on my Ontario student loans while in NS? Thanks! Link to comment Share on other sites More sharing options...
flying kumquat Posted March 11, 2009 Report Share Posted March 11, 2009 To the best of my knowledge, the way Nova Scotia's student loan-residency break works is as follows: If you are doing residency and you have a Nova Scotia student loan, you don't have to pay back interest/principal during residency, although interest will accumulate at a rate of prime+0.5%. I don't believe OOP residents get a deal. Also, if you are a resident in Ontario with a loan from anywhere, you can have the Ontario government pay your loan interest and defer principle payments if you agree to their 5 year ROS (as outlined above). Unfortunately, I think you don't qualify for either situation. Someone please correct me if I'm wrong, as I'm the opposite situation : I qualify for both (NS loan-holder in Ontario residency) and have to figure out what's the better deal for me over my 2 years of residency. Link to comment Share on other sites More sharing options...
Talon01 Posted March 17, 2009 Report Share Posted March 17, 2009 So I received my loan consolidation forms in the mail today and called the student loan people. Now perhaps my situation is unique but I have been in school for 10 years now and when I applied for loans this year (the 10th year) I had reached the maximum number of study weeks ~340. Although it was confusing they cut me off as I was continually upgrading my degree (undergrad --> masters --> medicine) and not pulling a Van Wylder but I accepted it. So I went to the loan people at my school and sent my confirmation of student status only to find out it doesn't matter and that I now have to start repaying my loans March 31 of this year as apparently I DO NOT even qualify for my loans to be in "student status" and therefore not have to repay them. What the #@!#! So my question is for those of you who are doing residency in provinces where you're considered "students" will your "student status" also cut out part way through residency once you meet the maximum number of weeks allowed? Hypothetically, if I qualified for student status this year and made it to residency in a province where I was considered a student still would I be in the clear for my 5 year residency? According to the guy I spoke to today, no. Who do I talk to to get more info regarding this? It seems bizzare. Any other professional students in the same boat? Link to comment Share on other sites More sharing options...
Talon01 Posted March 25, 2009 Report Share Posted March 25, 2009 So I received my loan consolidation forms in the mail today and called the student loan people. Now perhaps my situation is unique but I have been in school for 10 years now and when I applied for loans this year (the 10th year) I had reached the maximum number of study weeks ~340. Although it was confusing they cut me off as I was continually upgrading my degree (undergrad --> masters --> medicine) and not pulling a Van Wylder but I accepted it. So I went to the loan people at my school and sent my confirmation of student status only to find out it doesn't matter and that I now have to start repaying my loans March 31 of this year as apparently I DO NOT even qualify for my loans to be in "student status" and therefore not have to repay them. What the #@!#! So my question is for those of you who are doing residency in provinces where you're considered "students" will your "student status" also cut out part way through residency once you meet the maximum number of weeks allowed? Hypothetically, if I qualified for student status this year and made it to residency in a province where I was considered a student still would I be in the clear for my 5 year residency? According to the guy I spoke to today, no. Who do I talk to to get more info regarding this? It seems bizzare. Any other professional students in the same boat? I'm curious if anyone else has had this problem and if there's a work around especially for the individuals in the 5-year programs. Link to comment Share on other sites More sharing options...
MikeD Posted May 4, 2009 Report Share Posted May 4, 2009 Sorry to divert for a second, but I have a quick question. Has anyone actually filled out any of the required paperwork for that Ontario Return of Service/Student loan interest payment program that was mentioned above? I know it was passed last October, but I can't figure out how to get the process started. The National Student Loans Centre people don't seem to know what I'm talking about, and internet searches haven't been useful either. Thanks! Link to comment Share on other sites More sharing options...
Satsuma Posted May 4, 2009 Report Share Posted May 4, 2009 Sorry to divert for a second, but I have a quick question. Has anyone actually filled out any of the required paperwork for that Ontario Return of Service/Student loan interest payment program that was mentioned above? I know it was passed last October, but I can't figure out how to get the process started. The National Student Loans Centre people don't seem to know what I'm talking about, and internet searches haven't been useful either. Thanks! I don`t think either the OMA or OSAP knows how it is going to work yet. Since we will need to be consolidating loans soon, it would be nice though, if they could tell us what we should be doing! Talon...that sucks and it seems really odd. I bet if this got leaked to the papers about how the government is not helping out med students...some things might change! Having to make payments on student loans while still a student is just ridiculous! Link to comment Share on other sites More sharing options...
A-Stark Posted May 4, 2009 Report Share Posted May 4, 2009 So I received my loan consolidation forms in the mail today and called the student loan people. Now perhaps my situation is unique but I have been in school for 10 years now and when I applied for loans this year (the 10th year) I had reached the maximum number of study weeks ~340. Although it was confusing they cut me off as I was continually upgrading my degree (undergrad --> masters --> medicine) and not pulling a Van Wylder but I accepted it. So I went to the loan people at my school and sent my confirmation of student status only to find out it doesn't matter and that I now have to start repaying my loans March 31 of this year as apparently I DO NOT even qualify for my loans to be in "student status" and therefore not have to repay them. What the #@!#! So my question is for those of you who are doing residency in provinces where you're considered "students" will your "student status" also cut out part way through residency once you meet the maximum number of weeks allowed? Hypothetically, if I qualified for student status this year and made it to residency in a province where I was considered a student still would I be in the clear for my 5 year residency? According to the guy I spoke to today, no. Who do I talk to to get more info regarding this? It seems bizzare. Any other professional students in the same boat? This kinda scares me - Med 4 will be my twelfth year in post-secondary (yeesh that's a long time). On the other hand, I never had a student loan until my least year of undergrad and never had done during my grad degrees. So I'm hoping this won't apply to me... Link to comment Share on other sites More sharing options...
Satsuma Posted May 5, 2009 Report Share Posted May 5, 2009 I just wanted to add for those doing residency in Ontario. We received an email today and apparently the OMA and government are hoping to have the details about the program sorted out by July 2009. PAIRO is advising not to consolidate our loans at this point (OSAP). Link to comment Share on other sites More sharing options...
Talon01 Posted May 5, 2009 Report Share Posted May 5, 2009 This kinda scares me - Med 4 will be my twelfth year in post-secondary (yeesh that's a long time). On the other hand, I never had a student loan until my least year of undergrad and never had done during my grad degrees. So I'm hoping this won't apply to me... You are safe. In my situation I required student loans through all my years of post-secondary education. I was interested in talking to someone outside of the NSLC but I don't know where else to take my grievance to? My MPP? Minister of Education? I had thought about some press but I wouldn't even know where to begin. Seems totally wrong to have to pay back student loans while still a student. Like I said, I understand why they won't give me more money but the fact they put my loans into repayment.... brutal! Link to comment Share on other sites More sharing options...
A-Stark Posted May 5, 2009 Report Share Posted May 5, 2009 I hope the best for you! I think the debt sometimes gives me more anxiety than any thought of CaRMS down the road. (I also did a double take at "NSLC", but I realised that it doesn't mean Nova Scotia Liquor Commission in that context. Hopefully that doesn't say anything about my priorities.) Link to comment Share on other sites More sharing options...
Satsuma Posted May 5, 2009 Report Share Posted May 5, 2009 You are safe. In my situation I required student loans through all my years of post-secondary education. I was interested in talking to someone outside of the NSLC but I don't know where else to take my grievance to? My MPP? Minister of Education? I had thought about some press but I wouldn't even know where to begin. Seems totally wrong to have to pay back student loans while still a student. Like I said, I understand why they won't give me more money but the fact they put my loans into repayment.... brutal! It is strange that financial aid didn't know who to talk to about that problem. Have no idea who you would talk to really. Maybe someone from the SFUO would have an idea. Or the Minister of Education....I guess if you start calling around, someone might point you in the right direction. Good luck!! Link to comment Share on other sites More sharing options...
anonymouse Posted May 8, 2009 Report Share Posted May 8, 2009 Talon01 - because you're still a student (and presumably making very little income) are you eligible for interest relief? depending on the province, they will extend interest relief for up to five years. This means the federal/provincial government will pay your interest and you're not expected to pay the principle (http://www.canlearn.ca/eng/after/faq/index.shtml). After 5 years of interest relief, you're possibly eligible for debt reduction in repayment where the government will pay up to $10,000 of your principle. Although by then you'll be making resident income and may not be eligible. Your situation is totally bonkers. And I'm not looking forward to being in it.I've had student loans since 1999 - I'm just about to finish my 10th year of post-secondary (B.Sc. ->Ph.D -> M.D.) and am starting my MD in the fall. (which by the way is absolutely the dumbest way to get both an MD an a PhD). I'll be interested to hear if you come across any solutions... Link to comment Share on other sites More sharing options...
NLengr Posted April 1, 2011 Report Share Posted April 1, 2011 Can anyone help me out with this? I did my MD in NL and have NL govt. student loans. If I have proof that I still have student status during residency, NL will not make me pay back my loans during that time. I'm doing residency in Ontario. What's my student status as a resident there? Link to comment Share on other sites More sharing options...
Lactic Folly Posted April 1, 2011 Report Share Posted April 1, 2011 Residents have dual student and employee status. You still pay $500 per year to the university for PGME registration, so you can get the registrar to confirm you have student status for loan purposes. I have been doing this every summer. Link to comment Share on other sites More sharing options...
silverjelly Posted May 4, 2011 Report Share Posted May 4, 2011 Residents have dual student and employee status. You still pay $500 per year to the university for PGME registration, so you can get the registrar to confirm you have student status for loan purposes. I have been doing this every summer. You must have been very lucky because for sure at the university where I'll be doing residency, student status means that you are registered with the university, but you're not a student for loan purposes. I confirmed this with NSCLC reps. And as far as I know, this is the case for all universities in Ontario. Otherwise, there would be no need for the 5-year return of service agreement (in exchange for deferral of interest accumulation). Link to comment Share on other sites More sharing options...
Lactic Folly Posted May 4, 2011 Report Share Posted May 4, 2011 I should have been more clear. In Ontario, all residents have dual status as postgraduate trainees and hospital employees: http://www.pairo.org/Content/Default.aspx?pg=1074 You are correct that this is not recognized as student status for the national student loans by NSCLC. However, it is recognized for Alberta student loans by Edulinx, and I thought this might possibly be the case for NL as well. Link to comment Share on other sites More sharing options...
silverjelly Posted May 5, 2011 Report Share Posted May 5, 2011 I should have been more clear. In Ontario, all residents have dual status as postgraduate trainees and hospital employees:http://www.pairo.org/Content/Default.aspx?pg=1074 You are correct that this is not recognized as student status for the national student loans by NSCLC. However, it is recognized for Alberta student loans by Edulinx, and I thought this might possibly be the case for NL as well. Okay, gotcha. Link to comment Share on other sites More sharing options...
Clover_236 Posted May 8, 2017 Report Share Posted May 8, 2017 Does anyone know what the situation with deferring student loan repayment as a UBC resident? Link to comment Share on other sites More sharing options...
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